MASTER 33: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MASTER 33
Largest movements
- Stocks and contracts -€100,000
no longer reported in 2025 (was €100,000)
- Cash -€80,568
no longer reported in 2025 (was €80,568)
mainly Contributions, distributions and other (-€105,000) and Deferred charges and accrued income (-€72,583)
- Deferred charges and accrued income +€72,583
up €72,583 (+3,480%), from €2,086 to €74,669
- Receivables within one year +€60,676
up €60,676 (+419%), from €14,467 to €75,143
of which Trade receivables: +€70,581
- Financial fixed assets -€3,232
down €3,232 (-100%), from €3,232 to €0
- Other debts +€80,616
new in 2025: €80,616
- Reserves -€55,000
down €55,000 (-96.7%), from €56,860 to €1,860
of which Distributable reserves: -€55,000
- Profit (loss) carried forward -€39,142
down €39,142 (-44.8%), from €87,321 to €48,178
- Trade debts -€20,090
down €20,090 (-83.3%), from €24,120 to €4,030
- Current portion of long-term debt -€10,695
no longer reported in 2025 (was €10,695)
- Gross operating margin +€26,092
up €26,092, from -€12,699 to €13,392
- Financial charges -€791
down €791 (-52.1%), from €1,518 to €726
- Depreciation +€468
new in 2025: €468
- Financial income -€307
down €307 (-91.5%), from €336 to €28
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €200,353 | €150,748 | -€49,605 | -24.8% |
| Fixed assets | 21/28 | €3,232 | €936 | -€2,296 | -71.0% |
| Tangible fixed assets | 22/27 | - | €936 | +€936 | |
| Furniture and vehicles | 24 | - | €936 | +€936 | |
| Financial fixed assets | 28 | €3,232 | €0 | -€3,232 | -100% |
| Current assets | 29/58 | €197,121 | €149,812 | -€47,309 | -24.0% |
| Stocks and contracts in progress | 3 | €100,000 | - | -€100,000 | |
| Contracts in progress | 37 | €100,000 | - | -€100,000 | |
| Amounts receivable within one year | 40/41 | €14,467 | €75,143 | +€60,676 | +419% |
| Trade receivables | 40 | €4,562 | €75,143 | +€70,581 | +1,547% |
| Other amounts receivable | 41 | €9,905 | - | -€9,905 | |
| Cash at bank and in hand | 54/58 | €80,568 | - | -€80,568 | |
| Deferred charges and accrued income | 490/1 | €2,086 | €74,669 | +€72,583 | +3,480% |
| Total equity and liabilities | 10/49 | €200,353 | €150,748 | -€49,605 | -24.8% |
| Equity | 10/15 | €156,581 | €62,438 | -€94,142 | -60.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €56,860 | €1,860 | -€55,000 | -96.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €55,000 | €0 | -€55,000 | -100% |
| Profit (loss) carried forward | 14 | €87,321 | €48,178 | -€39,142 | -44.8% |
| Amounts payable | 17/49 | €43,773 | €88,310 | +€44,537 | +102% |
| Amounts payable within one year | 42/48 | €43,773 | €88,310 | +€44,537 | +102% |
| Current portion of amounts payable after more than one year | 42 | €10,695 | - | -€10,695 | |
| Trade debts | 44 | €24,120 | €4,030 | -€20,090 | -83.3% |
| Suppliers | 440/4 | €24,120 | €4,030 | -€20,090 | -83.3% |
| Taxes, remuneration and social security | 45 | €8,958 | €3,664 | -€5,294 | -59.1% |
| Taxes | 450/3 | €8,958 | €3,664 | -€5,294 | -59.1% |
| Other amounts payable | 47/48 | - | €80,616 | +€80,616 | |
| Non-recurring operating income | 76A | - | €5,919 | +€5,919 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €468 | +€468 | |
| Other operating charges | 640/8 | €1,295 | €1,368 | +€74 | +5.7% |
| Gross operating margin | 9900 | -€12,699 | €13,392 | +€26,092 | |
| Operating profit (loss) | 9901 | -€13,994 | €11,556 | +€25,550 | |
| Financial income | 75/76B | €336 | €28 | -€307 | -91.5% |
| Recurring financial income | 75 | €336 | €28 | -€307 | -91.5% |
| Financial charges | 65/66B | €1,518 | €726 | -€791 | -52.1% |
| Recurring financial charges | 65 | €1,518 | €726 | -€791 | -52.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,176 | €10,858 | +€26,034 | |
| Profit (loss) for the period | 9904 | -€15,176 | €10,858 | +€26,034 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,176 | €10,858 | +€26,034 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.